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Life Insurance Calculator

Life Insurance Calculator

This tool will help you estimate how much life insurance you will need to secure the financial future of your loved ones.

Immediate expenses after death

Final expenses
(funeral expenses, probate fees, etc.. $15,000 is an estimate)

Outstanding mortgage balance
(minus current creditor insurance)

Personal loans and other outstanding debts
(lines of credit, bills, credit cards, )

Education fund
(approximation is $10,000 to $15,000 a year per child, deduct any existing education savings)

Emergency fund
(funds needed to cover any unexpected events, typically 3-6 months' salary )

Ongoing Income Requirements

Annual income required for survivors to maintain their quality of life?
(use 70% of your current annual income as an estimate)

For how many years do you wish to provide this income?
(you can use the number of years to retirement or until your children leave home)

Value of Existing Assets

Hom much liquid assets including cash do you have?

How much disposable assets, for instance rental properties, cottages do you have?

What is the total value of existing insurance policies?
(partials/ group employer and association plans, personal individual coverage, and mortgage insurance)

Your Life Insurance Needs

Total liability and cash needs +

$

Amount of income needed by your survivors

$

Total capital required to meet your cash and income needs

$

- Total assets

$

Total capital required to meet your cash and income needs

$

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For You For You and Your Partner

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Why choose Instant Life Insurance?

  • Compare rates from top Canadian providers

  • Insurance products to suit every need

  • Experienced advisors across Canada

  • No medical insurance plans

  • Products available for ages 0-85

Why choose Instant Life Insurance?

  • Compare rates from top Canadian providers

  • Insurance products to suit every need

  • Experienced advisors across Canada

  • No medical insurance plans

  • Products available for ages 0-85